Hi-tech renewables to fight for EU low carbon fund

By IBT Staff Reporter On 06/09/09 AT 8:59 AM

The European Commission will allow a range of advanced renewable energy technologies to compete for funding that had originally been proposed for Carbon Capture and Storage (CCS) pilot plants, a new document shows.

The funding, worth about 4 billion euros at today's carbon price, will come from the new entrants reserve of the EU's Emissions Trading Scheme.

All projects must be operational by the end of 2015 for the first tranche of funding, worth around 3 billion euros, and by the end of 2017 for the second tranche.